More than €25 million euro was stolen in investment fraud in Ireland last year.
Garda figures show a 90% increase in 2023, amounting to more than €25.36 million euro, which is almost equal to the combined amount stolen from victims in 2021 and 2022.
Gardaí say men are increasingly becoming the victim of this type of fraud and made up 69% of victims last year.
This has steadily increased since 2020, when men made up just over half of victims. The vast majority of those affected are aged over 40.
Over double the number of victims have reported the crime in the first two months of this year, compared to January and February 2023.
Between January 2020 and January of this year, more than 965 people have reported incidents of investment fraud.
A person using a computer and a mobile phone. Image: Alamy Stock PhotoSome examples, include a man in his 70's, based in the east of Ireland, who reported €190,000 stolen in January this year, after he had invested the money in what he thought was a legitimate British company.
In May last year, a man in his 40's clicked on a social media link advertising investment opportunities and entered contact details. He was defrauded of €100,000 after he was contacted by phone from a person pretending to be from a reputable financial institution about purchasing bank bonds.
During 2023, a victim in his 60's was contacted online about investing with a British financial institution. After being convinced by the person he was communicating with, he transferred funds and had €300,000 stolen.
Gardaí are advising people to pay close attention when considering any potential investments given the significant rise in investment fraud.
People are being urged not to invest until you get reliable financial and legal advice, and to check the regulatory status of the company via the Central Bank of Ireland webpage.
There's also a warning not to respond to pop-up or ads on social with claims about investment returns.
